The Oscar Mayer heir who gave away his fortune to fight inequality explains why South Dakota became America's secret tax haven, and how it exposes the US as the world's 'weak link'
All told, 17 US states are in the top 20 jurisdictions that"have the most liberal trust laws" worldwide, according to a paper by Hebrew University law professor Adam Hofri-Winogradow, which was cited by the ICIJ. The ICIJ found 81 trusts in South Dakota alone.
"At that point, there's often a taxable moment," Collins said. That could be something like the estate tax or gift tax, but"South Dakota said that 'We're going to attract trusts by eliminating that law, making them anonymous, making it possible that you can open up a trust and not actually have to live in the state.'"
If you live in South Dakota, you might be wondering where all of that money is hiding. Collins said it's probably not physically in the state. Instead, it may be parked in luxury real estate or art around the world. Only the trust itself has to be legally filed in South Dakota.
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